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15.10.2021 Market Report


EUR/USD has reached the near-term downtrend at 1.1620. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to reach the 1.1756 four-month downtrend.


GBP/USD climbed to multi-week highs above 1.3700 on Thursday. As the cable seems to have gone into a consolidation phase below that level, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to stay below the downtrend at 1.3811.


The current upside bias in USD/JPY carries the potential to extend beyond the 114.00 yardstick in the next weeks, noted FX Strategists at UOB Group.


AUD/USD is still expected to test the 0.7450 level in the short-term horizon, suggested FX Strategists at UOB Group.


A combination of factors pushed NZD/USD higher for the third successive session on Friday.


USD/CAD has eased through the 1.24 area. Economists at Scotiabank highlight the potential for the Canadian dollar – they expect the USD/CAD pair to slump to the 1.22 region.


The USD/CHF pair accumulates mild gains on Friday in the early Asian session. After testing the low near 0.9194 after the US PPI data, the pair managed to bounce back near 0.9250.


Open interest in crude oil futures markets noted traders scaled back their open interest positions by nearly 4K contracts on Thursday after two consecutive daily builds considering flash data from CME Group. Volume followed suit and went down for the third consecutive session, this time by around 60.3K contracts.


Gold price is reversing from monthly highs just ahead of the $1800 mark, as the US dollar rebounds in tandem with Treasury yields amid the upbeat market mood. Robust US corporate earnings douse fears over growing inflation risks, boosting the investors’ sentiment at the expense of the safe-haven gold. Meanwhile, failure to find a hold above the $1800 mark pushes gold price lower, as traders await the US consumer-centric data for a decisive move in the bright metal.